Pfizer Q1 Sales Rise to $14.5B, Reaffirms Guidance and Warns of $17B Patent Cliff
PFE•Pfizer’s Q1 sales totalled $14.5 billion, beating forecasts of $13.8 billion, while adjusted EPS of $0.75 surpassed estimates of $0.73 as Eliquis ($2.2 billion), Prevnar ($1.7 billion) and Padcev ($591 million) outperformed. The company reaffirmed 2026 revenue guidance of $59.5–$62.5 billion while forecasting a $17 billion patent cliff in 2030.
1. Strong Q1 Sales and Earnings Beat
Pfizer delivered Q1 sales of $14.5 billion versus consensus of $13.8 billion, with adjusted earnings of $0.75 per share topping the $0.73 estimate. Key products drove the outperformance: Eliquis generated $2.2 billion, Prevnar produced $1.7 billion and Padcev reached $591 million in revenue.
2. Covid Franchise Decline and Guidance Reaffirmation
Comirnaty sales fell to $232 million, below the $421 million projection, while Paxlovid also underperformed expectations. Management reiterated full-year 2026 revenue guidance of $59.5–$62.5 billion, underscoring confidence in cost controls and core franchise resilience.
3. Looming Patent Expiry and Future Catalysts
Pfizer anticipates approximately $17 billion in annual revenue loss by 2030 as key drugs lose exclusivity. The company secured patent settlements extending Vyndamax protection to 2031 and is awaiting pivotal cancer and obesity trial results that could reshape growth beyond 2028.
